For this statistic, total returns are adjusted downward to account for sales charges and are listed for the trailing one-, three-, five-, and 10-year periods. For funds with front-end loads, the full amount of the load is deducted. For deferred, or back-end loads, the percentage charged often declines the longer shares are held. This charge, often coupled with a 12b-1 fee, usually disappears entirely after several years. Morningstar adjusts the deferred load accordingly when making this calculation. For funds that lack a 10-year history, we provide an annualized load-adjusted return figure for the period since the fund’s inception.
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